| Segment Reporting |
The following tables provide information about the Company's segment revenues, significant segment expenses, net operating income ("NOI") and a reconciliation of NOI to the Company’s consolidated operating income (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Revenues | $ | 22,476 | | | $ | 26,101 | | | $ | 46,483 | | | $ | 50,455 | | Operating expenses: | | | | | | | | | Property operating expenses | (3,549) | | | (4,357) | | | (8,461) | | | (9,590) | | | Real estate and other property-related taxes and insurance | (3,302) | | | (3,384) | | | (6,799) | | | (7,088) | | Total | (6,851) | | | (7,741) | | | (15,260) | | | (16,678) | | NOI | $ | 15,625 | | | $ | 18,360 | | | $ | 31,223 | | | $ | 33,777 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | NOI | $ | 15,625 | | | $ | 18,360 | | | $ | 31,223 | | | $ | 33,777 | | Add (deduct): | | | | | | | | | Depreciation and amortization | (5,089) | | | (5,778) | | | (10,321) | | | (12,009) | | | Impairment charges | (1,590) | | | — | | | (1,590) | | | — | | | Corporate general & administrative | (3,323) | | | (2,817) | | | (6,059) | | | (5,549) | | | Gain on disposal of properties, net | 4,885 | | | 5,189 | | | 7,442 | | | 10,877 | | Operating income | $ | 10,508 | | | $ | 14,954 | | | $ | 20,695 | | | $ | 27,096 | |
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